RAPT Therapeutics falls as co to stop development of lead inflammation drug

Rapt Therapeutics

09/05/2024 15:49

** Shares of drug developer RAPT Therapeutics  RAPT.O  fall
as much as 45% to record low of $4.39, last down 29.8% 
    ** Co says it has decided to close two mid-stage studies,
testing its lead experimental inflammation drug, zelnecirnon, in
atopic dermatitis and in asthma  
    ** Both clinical trials were placed on clinical hold by the
FDA in February 2024 based on a serious adverse event of liver
failure
     ** CEO Brian Wong says co is working with the clinical
trial sites to clean the data and expects an analysis of the
data to be completed in the Q3 of this year 
    ** Co also posts Q1 net loss of $30.5 mln vs. $29.3 mln a
year ago 
    ** As of March 31, co had cash and cash equivalents and
marketable securities of $141.6 mln 
    ** Including session moves, stock down 78.2% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))